Why would a dealer try to discourage a potential buyer from a particular series???

Newcomp103 · October 28, 2007 8:25AM

I spent a short period of time at the Greenville,SC show yesterday and was a bit troubled by something a dealer said to me...(and the part that is strange is that I have purchased coins from him in the past). We were talking about coins and the show and whatever and he asked me what I was focusing on lately. I mentioned the fact that I have been liking Morgan Dollars as of late and was trying to find nicer examples of better dates. His response...."I don't advise you to collect any coin from that series....and I would go so far as to guess that the so-called keys such as the 89-CC or the 93-S are probably readily available by the hands full just here on the bourse today!...find yourself some nice early type pieces or some nice gold...those areas are where your focus should be".......Well....that immediately hit me wrong. I did not ask his opinion on the current trendy coins that others were buying...I was just answering his question....and with that discussion ending, I certainly was not asking him to see any of his Morgans! Anyway...just wondered if anyone has been told what they "need" to collect before. He probably thought he was giving friendly advice....so who knows! Thanks,

Shawn

Zoins · October 28, 2007 8:27AM

<< <i>just wondered if anyone has been told what they "need" to collect before >>

I thought that happened on these boards all the time

mozeppa · October 28, 2007 8:31AM

you need to be collecting Lincoln cents...need any?...I got some.

AskRaq · October 28, 2007 8:36AM

Maybe the dealer knows of a million coin, key-date plus, Morgan hoard... that is getting ready to be liquidated?!?!

TomB · October 28, 2007 8:48AM

I believe it was likely he was honestly tryint to direct you to a collecting niche where he believes there is better cost vs. rarity. However, this does not mean that there is greater value vs. rarity.

Edscoin · October 28, 2007 8:53AM

Maybe it was because he didn't have any nice Morgans.

Walkerguy21D · October 28, 2007 8:54AM

Nope, never had that happen. Had dealers tell me coins I bought elsewhere were junk or that I overpaid, but I'd guess everyone's heard that! That said, collect whatever you want. I personally don't like Morgans much, though I own a bunch of them. But they are a large silver coin with a classic design, and they will always be popular. And they will always be available, due to the large quantities of most dates.

PS - how 'bout dem bulldogs!
Greg

mrearlygold · October 28, 2007 9:12AM

Sounds like he was trying to be helpful. Perhaps he should have asked you questions about what it is you are trying to accomplish, what you like, etc before rendering an opinion.

StampAlarm · October 28, 2007 9:19AM

Who knows what the dealer had on his mind.

Newcomp103, how was the show? Was Lake Norman Coins & Auction there?

Jerry

roadrunner · October 28, 2007 10:01AM

I see no problem with experienced dealers or collectors trying to steer less-experienced players out of areas that offer low potential or could have traps. Of course they may be dead wrong. Now if someone was telling me they were loading up on MS63 common date mercs I'd probably tell them it was not the best idea. That and 2 cents will not get you a cup of coffee.

roadrunner

Trime · October 28, 2007 11:08PM

I appreciate input from dealers. Advice always needs to be balanced with your own "needs", your perspective and time frame ( are you a pure collector, a flipper or a long term investor), your assessment of the advisor and your own experiences in the field.
I never dismiss advice but weigh it's merits.

Newcomp103 · October 28, 2007 11:38PM

<< <i>Who knows what the dealer had on his mind.

Newcomp103, how was the show? Was Lake Norman Coins & Auction there?

Jerry >>

Not sure...the dealer tables did not have any signs stating who they were...the dealers were given name badges and some had business cards that they were handing out, but I don't recall Lake Norman on anything I saw...but they may have been there.

TwoSides2aCoin · October 28, 2007 11:44PM

If someone wants to help, they will do it the best way they know how. Perhaps he felt from an economic standpoint that his suggestion would benefit you more for the future.
Dealers love coins or they wouldn't be in them, but if they find a person who've they dealt with before and offer a PEARL (piece of advice), we have two options. We can take it as an insult or a gift.

I'm just thinking outloud, mind ya

I'm a widget lover, but early type coinage and "nice gold" is pretty good poop, as advice goes.

jdimmick · October 29, 2007 12:02AM

Based on the current state of the morgan $ market, at least the general stuff, I d say he was giving you good advice not to sink too much money into an an inflated series. Lots of discounting is going to be occuring in this area in the near future IMO. Lots of those keys even the 89-cc, 93-s in Xf and AU are showing up by the truckload at most major shows. Look around. When I owned my PCGS 53 93-s they were not available in anywhere near the quantities you see today.

Newcomp103 · October 29, 2007 12:07AM

<< <i>Based on the current state of the morgan $ market, at least the general stuff, I d say he was giving you good advice not to sink too much money into an an inflated series. Lots of discounting is going to be occuring in this area in the near future IMO. Lots of those keys even the 89-cc, 93-s in Xf and AU are showing up by the truckload at most major shows. Look around. When I owned my PCGS 53 93-s they were not available in anywhere near the quantities you see today. >>

Seems like now may be a good time to buy then huh??? Isn't that the idea as a collector...buy nicer examples of what you like when the prices are being discounted? To me it is better than paying "PQ" money for anything that is "HOT" at the moment...and also... this thread was not supposed to be about Morgan Dollars specifically!

RYK · October 29, 2007 12:26AM

It sounds like he was giving you friendly, albeit unsolicited, advice. In the context of shooting the breeze about your collecting direction, I see nothing wrong with it. While I may not act on such advice, it is good to file it for future reference.

JRC · October 29, 2007 12:54AM

This might have something to do with it. Link

sinin1 · October 29, 2007 1:02AM

He may have insight into long-term slide of Morgans

and is afraid that he may lose you as a valued customer if all
of your collection is Morgans and they have declined 50% in value

of course a true collector would be happy being able to buy twice as much for the same money in a few years

guitarwes · October 29, 2007 1:04AM

Like Shawn said, this thread isn't necessarily about Morgan $'s. It's about a dealer discouraging you from collecting what you like.

What if it were YOUR series that the dealer was slamming? Would your response be different?

I think most people have a mindset of "Investment Collecting" these days instead of "Coin Collecting". Sure, none of us wants to lose our shirts, but haven't past trends proven that better stuff in better grades have held it's own? Why not buy what you want?

Just offering my VF common date 2 Cents......

wes

BillJones · October 29, 2007 1:08AM

It sounds like this dealer was trying to give you some friendly financial advice. Many issues of Morgan dollars have been promoted to hilt, and their prices of late have been stagnant and looking like they were ready for an adjustment. Prices for very common dates have been going up and down like a yo-yo, mostly due to promotions. Buying a coin and then watching the market value of the item melt like a snowball in summer can ruin you collecting interest.

Still as a collector you have right to collect anything so long it’s legal to own it. Therefore you should follow your collecting interests. Still it should be refreshing to have a dealer provide you with advice on the market.

Julian · October 29, 2007 1:58AM

I always try to encourage collectors to make their own selection of a theme for their collection.

The only time that I could think of discouraging someone is if I thought that the collection was so off the beaten track, that it would be an extremely long time before anyone else would ever appreciate it. An example might be: minor die varieties of state quarters or Lincoln memorial cents.

JRC · October 29, 2007 2:52AM

Once you have set your mind as to what theme you want to collect, does it really matter what someone else says?
Also, I have no problem with anyone "bad-mouthing" the coins that I want, less competition for me.
So I guess the main point is: Italian Grano's are bad for your health, they smell bad, take up too much room in your binders and cause uneven tire wear.

Why would a dealer try to discourage a potential buyer from a particular series???

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